Sky Victor

06/18 04:37

Bitcoin has not yet witnessed its extreme bear pha

Bitcoin has not yet witnessed its extreme bear phase In a post on X, a crypto analyst observed that miner pressure increased dramatically in June after Bitcoin fell to a low of $59.1k. The analyst argued that the price dump forced miners to reduce or diversify their operations to lower costs. Source: Darkfost on X The hashrate has fallen 28% since last October, supporting this idea. Moreover, February and the one earlier in June had some similarities. They both forced increased $BTC miner inflows to exchanges. The production cost was at $76k, but market prices were far lower, forcing them to operate at a loss and sell some inventory to keep up with operational expenses. Source: Darkfost on X Notably, each cycle can be broken down into five distinct phases, from overheated bull to extreme bear. Based on the metric above, the threshold for extreme bear has not yet been reached. #BTC Prophet: 20-Day 380 Million HTX Challenge #HTX Creation Challenge — Post and Win 1,500U 💥

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